WEALTH 2 LAST

"China is expected to account for more than half of"China is expected to account for more than half of this growth, with over 7 per cent coming from India," it added. Credit Suisse noted that the United States is likely to remain the engine of globa

"China is expected to account for more than half of

"China is expected to account for more than half of this growth, with over 7 per cent coming from India," it added.

Credit Suisse noted that the United States is likely to remain the engine of global wealth growth in coming years, with the total tally reaching USD 112 trillion by 2021 -- USD 28 trillion more than in 2016.

In its forecast for India, the report said that in terms of ranking, the country will probably jump to 12th spot from its current position of 14th -- overtaking Switzerland and Taiwan -- in the next five years.

Further, the report noted that countries in the Asia-Pacific, including China and India, currently host more than 32,000 ultra high net worth individuals as against nearly 30,000 in Europe.

"This difference in favour of APAC will increase further, and by 2021, the region is expected to add another 17,000 ultra high net worth individuals to reach a total of nearly 49,000, 39 per cent of whom will be from China (against 34 per cent today)," Credit Suisse said.

The report is compiled from data on the wealth holdings of 4.8 billion adults across over 200 countries ? from billionaires in the top echelon to the middle and bottom sections of the wealth pyramid. PTI SSM NRB ARD

This is unedited, unformatted feed from the Press Trust of India wire.

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